Crane Co delivered record second-quarter results with total sales up 26% year-over-year, including 5% core growth, and raised its full-year adjusted EPS guidance by $0.20 to a range of $6.85 to $7.05 per share. Adjusted operating profit increased 37%, and adjusted operating margin expanded 180 basis points to 21.3%. The Aerospace and Advanced Technologies segment posted sales of $339 million, up 31% with 13.3% core growth, while Process Flow Technologies sales rose 21% to $386 million despite a 1.4% core sales decline. Total backlog increased 5% sequentially, with Aerospace and Advanced Technologies backlog reaching nearly $1.3 billion, up 11% year-over-year. The company also repaid $100 million of debt in the quarter and an additional $90 million subsequently, bringing pro forma net leverage to about 1.2 times.
Crane CompanyRecord Q2 sales, raised EPS guidance, and strong margin expansion.